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to prosperity or to cut our way out of this deficit problem that we have. we're going to need more revenues. in order to do that, that starts with higher rates for the folks at the top. >> reporter: the president did say today he would consider lowering rates again for the top two percent next year as part of a broader tax overhaul. the house republican plan envisions $2.2 trillion in deficit reductions over the next decade. $800 billion would come from new revenues but with no hike in tax rates for top earners. instead the plan relies on $1.2 trillion in reduced spending including $600 billion from changes in medicare and medicaid. at the white house today, the president met with a bipartisan group of governors pressing his own plan for deficit reduction. that proposal, $1.6 trillion in revenue from tax increases on the wealthy and $600 billion in spending cuts mostly from reductions in medicare. he also wants authority to raise the debt ceiling without congressional intervention. but governors emerged afterwards treading a line between the two sides. delaware governor jack markel, a democ
't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts. i do want to remind you though, that we have already voted on one trillion dollars of cuts, cuts that would cause great pain. i agree what you 100%. it can not be done. melissa: spending cutting numbers are even smaller than the tax numbers. they don't get us there either. i'm worried about stalling the economy. in the meantime when we talk about raising taxes and what it would do to small business. democrats like to point out we would only raise taxes on 3% of small business owners. >> right. melissa: but that 3% generates 50% of the inme from small business. so they're hiringhe majori of people. to me that is going to cost us jobs. >> well,ou know what? i think that what will cost us jobs for sure is if we go off thissfiscal cliff, because it is not just about ising tacks. it is also about the debt ceiling. it is about unemployment insurance. we have number of key issues that absolutely have to be resolved byythe end of the
for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare. >> brown: then, margaret warner looks at the political strife in egypt, after deadly clashes in the streets and resignations by top officials. >> woodruff: we have a battleground dispatch from a coastal city facing rising sea levels and the next big storm. >> if sandy were to come close or directly into norfolk i think we'd all be in big trouble. >> brown: we assess the latest diplomatic moves to end syria's war, as secretary of state hillary clinton meets with russia's foreign minister. >> woodruff: and ray suarez has the story of a program that aims to put students at low-achieving schools on a path to high school graduation. >> we're here to make things better. we're here to tutor kids. we're here to make sure th
who actually came up with a plan to cut the deficit, a plan that everyone hailed as magnificent but no one wanted to adopt. >>> joining me now is cnn contributor will cain. he leans right. good morning, will. >> good morning. let me tell you something. you said the popularity of gangnam style knows no limits. i beg to differ. >> you do? >> i think we just found its limits, when 8-year-olds start doing gangnam style you can count on its popularity decreasing. we're about a year away from it being makarena. >> trying to get two sides come together to come to a deal on the fiscal cliff. >> i don't know about young people's abilities to force cats and dogs and democrats and republicans to come together to find a deal. he had a much more profound message than just simply dancing in that clip, in that psa essentially. he was trying to alert young people to the fact that old people, bluntly, are organized. look at the army of aarp representatives that ensure that programs like medicare and social security, programs that take up something like 50% of our federal budget will remain intac
cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that? >> because the president thinks he has a mandate from the whole country. he thinks he can get anything he wants. i am sure that alan colmes loves this idea. here are the problems. the congress has the authority to authorize the debt. they also have the authority to authorize the bill that pays the debt. so now the president wants to take that away. this guy has shown a tendency to say that i don't need congress. i can pass laws with a stroke of a pen on executive orders. he doesn't need the supreme court because he declares laws unconstitutional, like doma. he says he wants an unlimited credit card, and you all will have to pay the bill. we have a debt ceiling, as much as people anguish over it, we need to have a conversation about what we are spending and why. will this be a problem if the president followed through on his
of the entire group of government spending programs that are being looked at to get to deal with the deficits? >> well, before i answer that i was very interested in the way you characterized these programs as entitlements. so-called, you said, entitlements. and we think that a better term would be earned benefits. you know, i counted the letters in the word "entitlement." there are 11 letters. often people refer to entitlement as a four-letter word and it's a derogatory, derisive characterization. these are earned benefits. people pay for them while they're working, social security part "a" medicare, the hospital part. 25% of the premium for part "b." so i wish we would switch from entitlements to earned benefits, first of all. now answer your question, social security has not added a penny to the federal debt, to the deficits every year. it has a surplus. it has a surplus of $2.7 trillion. so why are we in such a rush to change a program that does not have -- is not bankrupt, has a surplus, has 22 years of solvency before it does have a serious problem and has not contributed to the federal
adds so much to the federal budget deficit. so republicans say raise the retirement age to 67 or means testing, meaning making more wealthy americans pay more into the system or get less out of the system. if you means test, that means you're paying less out to affluent americans. if you raise the retirement age, you're paying out less as money comes in and keeping the revenue line closer to the cost line. that is the goal. so when you do a 10 or 20-year calculation, medicare is not adding to the deficit. but that's the policy and just as republicans are having a backlash against the speaker saying we don't think we should put tax increases on the table, the democrats and some of the new members in congress, they say they ran promising not to touch medicare. so they say they won't do this. so you have the credibility challenge. republicans say give us entitlement and other spending cuts and the democrats want higher tax rates. that's why we have a stalemate. >>> an internet icon wanted in connection with the killing of his neighbor. stay with us, you're in "the situation room." that of
thought you should take a look. it totals $2.2 trillion in deficit reduction over ten years. the part that stood out to us was $600 billion in proposed savings in medicare reforms. how? in part by raising the age of eligibility to 65 to maybe 67. turning down the gop proposal, dan pfieffer said, quote, it provides no details on which deductions they would eliminate, which loopholes they will close or which medicare savings they would achieve." let's head now to the white house and dan lothian. the white house will not offer a counter proposal, right? what's going on here? >> reporter: well, you know, i think the white house is digging in. the president said early on in this process that he would only sit down and really move forward, negotiate on this in any meaningful way if the tax hikes for the wealthy expired. and republicans have been pushing back on that -- tax breaks rather for the wealthy expired and republicans have been pushing back on that, say they go believe that will be harmful for the economic recovery because wealthy americans are the ones who are creating the jobs and
to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now, there we go. you can see jim there in egypt. i wonder whether we should just go as we've decided to cut to him or maybe we can bring steve back. right. we'll try and reestablish steve. we will be going to jim
to reduce the deficit. jenna: interesting the president is saying he was speaking off the you have cuff, no teleprompter there. he's speaking about how he's rooting on american business. pointed to a couple of aspects much the economy, improvement in consumer confidence and housing as well. he was going to talk a little bit about the fiscal cliff and that's something we've all been talking about recently, and what it means for us right now and the year ahead. we also have other business news. we'll get back to the president by the way if and when we get that feedback. he will be taking questions from the audience there of business leaders as gregg mentioned. elizabeth mcdonald ever the fox business network is standing by list toning some of what the president had to say about the economy. liz, can you place it in context about where our economy is right now. >> reporter: the president just now was placing it in the -- the economy in the broader context of what is going on in the world, mentioning asia, mentioning europe, and then he turned to what was the most important part of the spee
they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows the only major deficit cutting deals we ever do around here, ever, comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt, but it's a non-starter for those of us who do. >> reporter: public opinion generally is on the president's side, but republicans in the house are not paralyzed or perilous, more unified behind speaker boehner than a year ago. why is this important? the white house is beginning to notice and now believe there is a deal boehner can find the stroets pass it. >> an idea what's really at stake. rebecca jarvis has a look how the government spends money and how it could spend less. rebec rebecca, good morning. >> reporter: good morning. >> the question comes up in terms of the money that we're talking about in raising the rate. how much is it that the republicans are objecting to? >> if you look at that $250,000 number, if you were to raise taxes on everybody making $250,000 or more in the country that would ra
the deficit? same question as when should ben bernanke start raising interest rates. he told us there is 2014, inflation is not a problem. you don't see it. is that this a problem? why is the ten year treasury just one.6%? whar the bond vigilante's? no one worries about the deficit right now. they're worried about a slow-growth economy. cheryl: using markets have already priced in the fiscal cliff arguments but why do we see markets get so volatile when john boehner comes out, are almost afraid to see him talk again today because senator reid comes out and down and up. so much reaction. >> you can't rule out the risk that nothing is done and they don't reach an agreement and if taxes go up and spending is cut we will be in a recession next year. and employment 9%, we can't rule that out but it doesn't make sense to let that happen for the administration, the principal of punishing the wealthy is enough to allow the rest of the country to go into a funk doesn't make sense. cheryl: we see numbers and taxing the top 2% do nothing to deal with the overall deficit problem but you also think at the
party is being realistic about the enormity of the debt and deficit issue. what you just described is a very easy deal. it is sitting on the table, most of it is automatic. of the deal isn't reached in any case which is going to prompt something getting worked out but we need to cut about more than that. we are spending 23% of our gdpp federal government is, in one fashion or another and taking in 18% and that is not going to change all that much with the outlines of this deal. the democrats are not realistic about how much has to be cut and republicans are not realistic about how much taxes need to go. connell: the democratic side of it since we're speaking with you and delve into that a little more. if you are right about certain aspects of this, if dagen mcdowell and me can come after the president said he wanted the one$.6 trillion in revenue and say you wants $1.2 trillion because john boehner had $800 billion on the table last times those with the difference we are not exactly political geniuses all the respected political but anyone could have written that story and come up
fund, and the money appears to have helped. the government was able to sink its annual deficit from 32% to 8.5% of gdp, and it is paying much lower interest on government bonds, and the irish economy is growing. only unemployment remains stubbornly high. in october, the jobless rate was still above the eurozone average at 14.7%, but in countries hard hit by the euro crisis, there were even more people out of work, and an increase, and employment is one of 25%. in spain, 26% were one in two young people is out of work. things are not quite that grim in italy, but more and more young people are looking for work. the youth unemployment rate is 36%, the highest since june 2004. >> we have to take a short break, but when we come back, december 1 is world aids day. we will be taking a look at the problem of hiv/aids. >> and what is germany going to do with all its nuclear waste? stay with us for that. >> thanks for staying with us. >> welcome back. one of the consequences of the breakdown of public services in the wake of the economic crisis in greece is a sharp spike up people they're infec
that doubled the tax hikes that he campaigned on and it adds about $150 billion more, not less to the deficit in and new spending. to republicans with that kind of equivalent of lucy and the football and they are laying flat on their backs? >> republicans scoffed at this first foray from the white house. they thought was ridiculous. for the white house it was the first attempt, first specific plan we've seen since the election being put out there. it was frankly a wish list. john boehner acknowledges as much in his comments was that the white house would like to see. if we do get a deal before christmas it won't look anything like this. >> gregg: instead of meeting with members of congress, even day after day and tens of thousands of dollars the president doesn't do that. the president heads back on the campaign trail gives speeches about it. how frustrating is this to some of the folks on capitol hill who do want to sit down and work with him? >> i think it's frustrating to some members of congress, perhaps members of his own party more than anything. if you look at his record he doesn't do
social security is not connected to the deficit. a separate program, funded separately in the own trust fund. that needs to be dealt with separately. with regard to medicare and medicaid, those programs are floating on the overall inflation rate in healthcare. what we need to do, this is a major part of the affordable healthcare act was to bend the cost curve to bridge down the inflation rate in healthcare. in fact, in the last two year years, the inflation rate in medicare has been remarkably low. much to the surprise of everybody. some in the two or 3% range. that is incredible. part of that is due to the affordable healthcare act. undoubtedly to others. with regard to the doctor payments, that is an annual problem here in washington. started back in the early 2000s. continued to be an annual problem. called the doctor fix. i guess for budgeting reasons, way back when they decided that they would only fund that increase in doctor payments for one year. then every year it comes up. every year it grows because of the general inflation in healthcare. it needs to be fixed permanently as p
willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the chancellor's statement -- after all of the facts and figures of the chancellor's statement, we are left with a feeling of malaise. >> you are watching bbc world news america. still to come, aero controversy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge is released to two is jockeys. >> in bangkok, thousands of thais turned out to catch a glimpse of the mark on his 85th birthday in a rare public appearance prepare aero controvy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge -- appear
on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the chancellor's statement -- after all of the facts and figures of the chancellor's statement, we are left with a feeling of malaise. >> you are watching bbc world news america. still to come, aero controversy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge is released to two is jockeys. >> in bangkok, thousands of thais turned out to catch a glimpse of the mark on his 85th birthday in a rare public appearance prepare aero controvy at the hospital after the duchess of game birds -- the afte
, and their schools. i want to do this by bringing down our deficits in a balanced and responsible way. [applause] >> on this last point, you probably heard a lot of talk in washington and in the media about the deadlines that we're facing on jobs and taxes and investments. this is not some run-of-the-mill debate. this isn't about which political party can come out on top in negotiations. we've got important decisions to make that are going to have a real impact on businesses and families all across the country. our ultimate goal, our long-term goal is to get our long-term deficit under control in a way that is balanced and is fair. that would be good for businesses, for our economy, for future generations. and i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're going to have to raise a little more revenue. we've got to cut out spending we don't need, building on the trillion dollars of spending cuts we've already made. and if we combine those two things, we can create a path where america's paying its bills while still being a
a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. if we agree that we should not raise taxes on middle class families, let's begin our work with where we agree. >> of course there are some lawmakers who are not that optimistic. they don't think there's enough time between now and the end of the year to get a deal done. nonetheless the president will continue pushing his message. he heads to pennsylvania tomorrow. he will go to a manufacturing plant where he will continue talking about extending the middle class tax cuts, not extending them for the upper class americans. in the meantime, there's pushback from republicans who are saying the president should not be out the road campaigning but back here in washington negotiating. >> dan, i will ask you to look into your crystal ball. president obama is meeting with mitt romney later today. do you have any idea what they plan to discuss? >> you know, there's a lot of speculation about governor romney playing a role in the administration. but the president himself, during his victory spe
for raising revenues, cutting spending and reduce the deficit by $4 trillion over the next ten years. he said the ball is in the g.o.p.'s court. >> you have heard them for the first time i think in two decades they are willing to have revenues go up to make a balanced plan but they have to tell you what they want do on rates and revenues. >> he says there is no plan to an agreement unless they acknowledge tax rates have to go up for the wealthiest americans. >> heather: thank you very much. with less than one month to reach a deal there is new urgency to reach a deal. coming up our political panel will debate the zik go points. >> brand-new reaction today from the potential nominee of u.n. ambassador susan rice to be the next secretary of state. a senator reiterating concerns about statements she made following the benghazi attack that left four americans dead. in the meantime, clare mccaskill came to the ambassador's defense. >> she had reviewed the dpeor foer going. >> on sunday shows and went well beyond the talking points, we have decimated al-qaeda, that was nowhere on the talking points
. we need to get serious about our deficit and debt that are burying our children's future. [ man ] ring ring... progresso this reduced sodium soup says it mahelp lower cholesterol, how does it work? you just he to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progresso. you gotta taste this soup. martha: we have brand-new details on the deadly bus crash that happened in florida. police say the bus driver was confused and lost when he chose the wrong route coming out of miami airport. the top of the bus crumpled after the crash and killed two passengers. it had 32 jehovah's church members on board, they were heading to a conference. bill: if you wash watching "fox news sunday" john boehner described his reaction when the president presented its plan for the fiscal cliff. > >> i said you can't be serious. we have 7 weeks went election and the end of the year and three those weeks have been wasted. bill: flabbergasted, rich. wasting time. three weeks
balanced approach to reducing the deficit. here is a house republican on higher rates. >> republicans are willing to make sure we don't go over this fiscal cliff but at the same time don't harm this economy. what has to happen here if the president shows a little leadership we are willing to stay in the room and stay here and we are willing to get this done. that's why you saw a proposal that is raoeubl reasonable that meets his criteria. >> reporter: steny hoyer said in the next few days we will see substantive movement in private to get this done. jenna: we'll continue to watch the play-by-play, mike, thank you. jon: right now we are continuing to await a speech by former president george w. bush, the speakers are taking to the podium there to get ready to introduce the former president. he is set to address a conference there in dallas, where he will spotlight the positive impact of immigration on u.s. economic growth. this as the g.o.p. looks to attract more hiss to the party. meantime mr. bush's father, former president george h.w. bush is spending another day in the hospital bei
out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. >> the president has put forward in september of 2011 with his proposal to the so-called super committee and his budget of february of 2011 very specific spending cuts, including savings from health care entitlement programs. >> so one of the issues is, when you talk specifics and they become part of the public conversation, it's very easy for those things to get derailed in the time available where all the sides sort of clamber and attack some of the specifics. both parties have an interest in keeping some of this close to the vest. what we're hearing from senate democrats today is they believe that the election suggests that the public really wants those higher rates for the higher earners in terms of taxes. senator reid and other democrats don't want to talk about specific cuts or entitlement reforms publicly. everyone saying they don't want to negotiate from the podium. but everyone is aware it's the end of november. there isn't a lot of time left. and how quickly and how peacefu
with the 16 trillion-dollar debt that $1 trillion a year in deficit spending. we have to solve that. that thing is not going to solve itself. >> bill: doesn't feel like the president feels the urgency that you feel. you are one of the leaders of the republican party whether you want to be or not. there you are. so you find yourself now trying to get the republican party reorganized and back into the populist column. ain't going to be easy for you, senator. because you have got to be the senator from florida and at the same time try to resurrect this party. >> well, it's -- but i think the people of florida have the same ax sights as the people of our country. i'm informed by my own background and my own experience in life my parents worked in the service industry. and, yet, they were able to afford to buy a house they never gave us everything we wanted but we always had more than we needed thank god and thank this country. you know what? that's only going to be possible in the future if we have limited government and free enterprise. let's never forget that people come here from all
and then on everybody else. not so he can lower the debt or the deficit but so he can spend to his heart's content. as a result some democrats have pushed the president to just raise the nation's debt ceiling on his own. they believe he has that executive power by invoking the 14th amendment of the constitution. but jay jay cancer carney the white house spokesman has studied that. they do not believe the president has that executive power. what that means they have got to go to congress to get the debt ceiling lifted the next couple of mons. that means the showdown is coming, shep. >> shepard: ed henry at the white house lawn. one critical republic who criticized house speaker john boehner over own party fiscal cliff honor says is he resigning. an important man, too. south carolina senator jim demint a key force behind the tea party movement. the founder of the tea party caucus in the senate and who predicted that the healthcare debate would be president obama's water loo. remember that? earlier this week he argued that speaker boehner's proposal tax hikes would destroy jobs. but senator demind sa
agreed we should have a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. if both parties agree we should not raise taxes on middle class families let's begin our work with where we agree. >> americans are concerned. but divided over the best solution to avoid the fiscal cliff. take a look at an abc news washington post poll that shows 60% of americans support upper income americans having their taxes raised. 37% oppose it. on issue of reducing deductions, 44% support that. 49% oppose it. much like lawmakers they realize there is a big problem that needs to be fixed but divided on how to fix it. >> in addition to the goings on in the capitol there is a big lunch at the white house today. governor romney coming by for a bite to eat. a lot of speculation about what might be discussed at the meal and the possibility of maybe future job? >> jay carney pushed back on that yesterday. the president said there was no suggestion here that he had a special assignment for him. the president invited mitt romney to come to the white house b
you're at a deficit on the latino and the african-american vote they have which isn't sizable but every vote counts. so, if you then toss out the fiscal conservatives, then you lose a lot of the oriented versions of the republicans. they're going to have to try to work in a coalition and i suspect it's probably going to be the fiscal side that ultimately the republicans waffle on because if you look demgraphically at african-american voters, they are less inclined to believe that absolute limited government works. i think the gop is going to have to go more towards a small government, economic populous message. >> as funny as it sounds, you were very clear about the ambiguity this week on redstate.com. you're not sure what republicans in congress stands for as it relates to fiscal issues. where would you like to see them go? >> i would like to see the gop be a limited government party. it makes the case that spending from washington doesn't actually help people. the younger voters actually think it does. the gop needs to make the case it doesn't. but, in particular, i think re
which he issued last week. they say their plan would cut $2.2 trillion from the federal deficit over ten years. with $600 billion in health care cuts, $300 billion in cuts to mandatory spending and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich, bringing in $1.6 trillion. republicans want to close tax loopholes and eliminate deductions, which they say will raise $800 billion in new revenue. >> the president has a huge responsibility to work together with congress and find a solution to avert the fiscal cliff. >> reporter: and they say it's now up to the president to find a plan that can pass both chambers of congress. so now that each side has rejected the other's first offer, it's going to be interesting and important to watch the timing of the next offer on the part of the white house t
to deficit reduction that can help give businesses certainty and make sure the country grows. and unfortunately the speaker's proposal right now is still out of balance. he talks, for example, about $800 billion worth of revenues, but he says he's going to do that by lowering rates. when you look at math, it doesn't work. >> reporter: so unbalanced approach is the white house's nice way of saying you got to be kidding me. jay carney used the phrase in the briefing just now that the proposal from the republicans was a bunch of magic needs and fairy dust and the current standoff is continuing with neither side talking today, brooke. >> magic beans, fairy dust, la la land, it is laughable but not. it is serious stuff that affects every one of us come january 1st, 28 days to go. we know some of the reporting from dana bash on the hill, there are no formal talks going on. the president insists in speaking in this bloomberg interview, he does speak to speaker boehner all the time that the meetings are not what matter. what have you, jessica yellin what have you learned in your repo
enough to fix the deficit. we'll break down what this means for negotiations ahead with our morning joe panel. but up next -- you never know who you'll see on a new york city subway. and for one kindly old lady, she literally did not know who she was seeing and sitting next to. we'll play her full conversation with jay-z when "way too early" comes right back. [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. st
of americans, democrats, republicans, independents, they agreed with a balanced approach to deficit reduction and making sure that middle class taxes don't go up. folks agreed to that. now, the good news is we're starting to see a few republicans coming around to it too. >> jessica yellin at the white house, how much of this is kabooki dance? >> reporter: the real issue is, again, over raising tax rates. that is where both sides are feeling each other out. and the white house is adamant that they will not budge on this issue. and the bottom line is house republicans say that that's a no-go for them, joe. and so the question is, will house republicans come around on raising tax rates? you know, right now they say they're not going to move on it. so the white house is sort of holding back and waiting to see if house republicans move on that one issue. and right now they are very far apart because there's no giff on that. on the entitlements question, the white house does have to go further than they've gone. they have been willing to give some, but they have to go further. and the white house i
is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid
debt and deficits a lot smaller by comparison because you get more government revenue. you're right, it is absolutely a core principle of republicans we don't want taxes to go up to get more government. if we have tax reform effort that will lower the tax base, get more revenue and fuel economic growth that is something republicans will embrace. there could be revenue generated by closure of loopholes and deductions. we can't accomplish anything by raising tax that is good good for the economy and we're very concerned about the economy. martha: it will be interesting to see what timothy geithner brings to these discussions today. we'll be reporting on it and you will be there on the hill. thank you very much. >> we'll look forward to it. thanks, martha. martha: all right. bill: there is a controversial vote set to take place today at the united nations and the u.s. is expected to vote against it. eric shawn's live at the u.n. eric, good morning to you, what is the vote about first of all and what's expected to happen? >> reporter: good morning, bill. the vote on the palestinians, a
. so we're going to be in the 20s as far as deficits going forward. i think they're taunting markets. i'm hoping we don't wake up one day and markets look at what is going on here and fire right back at them. tracy: you know what? you're not wrong. that is going to happen. between that and the bond bubble bursting we have a lot to look forward to in the new year. gary kaltbaum, kaltbaum capital management. >> my pleasure, thank you. ashley: every deal is a scam, a shell game and he's right. tracy: yeah. ashley: guess what? banks are bouncing back. the third quarter proving very profitable for some of the industry's biggest names but are we out of the woods just yet? gerri willis joins us ahead to talk about that. tracy: first as we do every day at this time of day look how oil is trading. it is basically flat. $88.82 a barrel. we'll be right back. ashley: it is time to make money with charles payne. this hour we're looking at pet health specialists pet med express. charles, how fat is joe is the question? tracy: ah, fat joe. >> fat joe. i told tracy, i don't know if i told you about a m
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